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Difference between revisions of "Protecting Property and Debt in Family Law Matters"
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Protecting Property and Debt in Family Law Matters (view source)
Revision as of 19:06, 24 April 2013
, 19:06, 24 April 2013→Make it clear that you've separated
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===Make it clear that you've separated=== | ===Make it clear that you've separated=== | ||
Once you've decided that your relationship can't continue, and you're sure that it can't continue, you need to separate. This doesn't mean that you and your spouse need to move into separate homes, but you need to announce your decision and you should probably do it in writing so that you have a record of the date of separation. | Once you've decided that your relationship can't continue, and you're sure that it can't continue, you need to separate. This doesn't mean that you and your spouse need to move into separate homes, but you need to announce your <span class="noglossary">decision</span> and you should probably do it in writing so that you have a record of the date of separation. | ||
Under s. 81(b) of the provincial ''[[Family Law Act]]'', when separation happens each spouse takes a one-half in all family property as tenants in common, regardless of how the property was owned before separation, and becomes responsible for one-half of all family debt. This can be critical to protect your share of the family property from creditors, your spouse's bankruptcy, or court orders made in other court proceedings. | Under s. 81(b) of the provincial ''[[Family Law Act]]'', when separation happens each spouse takes a one-half in all family property as tenants in common, regardless of how the property was owned before separation, and becomes responsible for one-half of all family debt. This can be critical to protect your share of the family property from creditors, your spouse's bankruptcy, or court orders made in other court proceedings. | ||